Renewables

November 2017 - Astris closes the refinancing of two solar PV plants in Portugal

Astris Finance advised French renewable energy developer Neoen (the "Sponsor") in connection with the refinancing of Cabrela (13.2 MWp) and Seixal (8.8 MWp), two ground-mounted Solar PV plants located in Portugal. Each project benefits from a 20-year Power Purchase Agreement with Energias de Portugal (“EDP”).

The two projects were won by the Sponsor as part of the 2010 renewable energy tender and started commercial operation in 2014. The refinancing allowed the Sponsor to take advantage of the attractive market conditions and outstanding operational track record of thetwo Projects, leading to an extended maturity, a lower debt service coverage ratio and reduce financing costs.

The two projects were financed through two separate bond facilities totaling c. EUR 60m. The facilities were led by HSH Nordbank and Banco Comercial Português, acting as co-Mandated Lead Arrangers. La Banque Postale participated in the financing as well.

Astris Finance acted as exclusive financial advisor to the Sponsor.

January 2017 - Sponsor advised by Astris signs its first PPAs in Argentina as part of the RenovAr auction

Astris Finance acted as exclusive Financial Advisor to EREN Renewable Energy S.A. (“EREN”) in connection with its bid into the renewable program sponsored by the Government of Argentina, called “RenovAr.” The first round of RenovAr has served as the first stage of the re-opening of the Argentine market for international energy and infrastructure projects. EREN was awarded a power purchase agreement (“PPA”) in October 2016 for a 97.2 MW wind project in the province of Santa Cruz. The PPA provides the project with an offtake for 20 years starting at the end of construction. EREN’s project company executed its PPA in January 2017. Astris is now working on the financing of the project for which closing is expected during the course of 2017.

January 2017 - Sponsor advised by Astris is awarded 119 MW of Renewable PPA in El Salvador

El Salvador distribution company Delsur awarded 20-year power purchase agreements (PPAs) to a combined 169.9MW of wind and solar projects in the country's second utility scale power auction on January 11 2017 - we are very proud to announce that our client Neoen, advised by Astris won the vast majority of the PV capacity auctioned by Delsur, 100 MW. Astris will now work with Neoen to raise the financing for these projects slated to close in H2 2017 / Q1 2018.

This is our second project in El Salvador with Neoen, following the successful closing of Providencia Solar, the country's first non recourse project financing in the power space.

Astris is also advising a consortium of US and local developers in connection with a c. 400 MW LNG to power project in El Salvador, slated to close in H2 2017. 

November 2016 - Providencia Solar, El Salvador, Closes and Funds

Astris is pleased to announce the successful closing and funding of a 102 MWp solar PV facility in El Salvador. Astris advised project sponsor-developer Neoen on all matters pertaining to project development and financing all the way to this successful first disbursement on the first non recourse financing in the power sector in the country. The financing package has been raised from a club of agencies including the Inter-American Investment Corporation, the Canadian Climate Fund, and Proparco. To make this investment possible, Astris played a pivotal role in negotiating key amendments to the PPA to achieve a threshold level of bankability.

Astris is advising Neoen on renewable projects in Portugal, in Mexico and in El Salvador, in connection with the upcoming auction (UPDATE: Neoen, advised by Astris, was successfully awarded 119.9 MW of PV in this subsequent auction). 

 

 

July 2016 – Astris to act as exclusive financial advisor to a renewable energy independent producer in connection with various investment opportunities in South-East Asia

Astris has been retained by a leading French Renewable Energy Independent Producer to advise on the acquisition and/or financing of several greenfield and brownfield solar-generated power plants across South-East Asia, including Cambodia, Thailand and Vietnam.

March 2016 - Astris advises Sonnedix on two portfolio refinancings and successfully closes some EUR 300m of financing for the group

Astris consolidates its leadership in the renewable energy market by closing two portfolio refinancing of solar assets - a highly sophisticated and structured way to releverage portfolios of assets in operation taking advantage of attractive conditions in the debt markets 

March 2016 - Astris completes 12MW Wind Permit Sale in France

Astris Finance advised Eco Delta, a French wind developer, in connection with the straight sale of a 12 MW wind permit to the German closed end fund Leonidas. Astris Finance’s scope encompassed the market consultation, the investor selection, the detailed negotiation of the SPA terms and conditions and the closing process. In addition, Astris Finance was deeply involved in the finalization of the permitting process and was in charge of coordinating the vendor due diligence process.
Astris is currently mandated on similar wind transactions in Europe and Africa.